The cost to the Irish taxpayer for holding the seized cocaine ship MV Matthew has already exceeded €11 million and continues to increase at a rate of up to €120,000 per week! This debt is mounting despite the Special Criminal Court authorising the vessel’s disposal in December 2024.

Now the ship’s market value has dropped by almost €4 million due to its prolonged detention, operational issues, and the loss of its classification, making it significantly harder to insure and resell. Worse still experts described the vessel as a “considerable” environmental and ecological risk, as well as an economic risk to the Port of Cork. The sale to Revenue’s preferred bidder is being delayed by “complex maritime regulations, requiring necessary compliance with Panamanian authorities (the ship’s flag state)”. As a result, there is no guarantee the sale will proceed, ensuring the final loss to the State (us gobshites) will be substantial.

BUCHANAN: Dublin Time Machine

@RobLooseCannon